What Is Medical Malpractice Insurance?
Also known as medical professional liability insurance, medical malpractice insurance protects licensed healthcare providers from wrongful practice liabilities involving bodily injury, medical expenses, or property damage.
Medical malpractice coverage for doctors offers financial, legal, and professional protection in the event of a claim or lawsuit regarding malpractice.
Medical malpractice insurance covers a broad spectrum of expenses and fees. Malpractice claims typically arise as the result of mental or physical damages, medical negligence, or accidents. Among the things medical malpractice insurance can cover are:
- Medical damages
- Arbitration costs
- Attorney fees
- Court costs
- Settlement costs
- Punitive damages
- Compensation costs
Medical malpractice coverage does not cover liability costs that arise from cases involving sexual misconduct, inappropriate medical record alteration, or criminal acts.
Types Of Malpractice Policies
There are different types of malpractice policies available through medical malpractice insurance, including claims-made and occurrence policies.
Claims Made Policies
A claims-made policy provides coverage exclusively when the insurance policy is in place. Medical malpractice coverage will only be available if an incident occurs and the claim is filed during coverage.
Medical practitioners often prefer claims-made policies because they are a more cost-effective option.
Occurrence policies cover any incident that occurs during coverage, even if the claim is filed after the policy ends. While this type of malpractice policy is simpler and does not require tail coverage, it is often more expensive, making it less common.
Nose and Tail Coverage
Securing medical malpractice coverage for periods beyond the insurance policy’s duration can provide immense benefits and sufficient protection for doctors. Nose and tail coverage accounts for incidents and claims that occur outside of a policy’s coverage.
Nose coverage accounts for any incidents and claims that occur within a certain time frame predating the actual malpractice coverage. Similarly, tail coverage covers malpractice incidents and claims occurring after a malpractice insurance policy ends.
Claims-made policies often include tail coverage, and nose coverage may be applied to either type of malpractice insurance policy.
The Statute of Limitations for Medical Malpractice Claims
The statute of limitations for medical malpractice claims will vary depending on the state in which you work. However, the standard deadline ranges from two to six years following the date of the malpractice incident.
Acquiring tail coverage for your medical malpractice insurance can ensure you are covered should a claim be filed after your policy ends.
How Much Does Medical Malpractice Insurance Cost for Doctors?
There are a number of factors that can impact the cost of your medical malpractice insurance. Your medical specialization, for example, can influence how much you pay due to the nature of your work and the risk of mistake or accident involved.
Where your practice is located will also have an impact on your medical malpractice insurance rate. The policy you choose will also affect how much you pay for medical malpractice coverage depending on elements like liability limits and caps.
Medical Malpractice Insurance for Doctors By Specialty
Doctors in highly specialized fields, such as ER doctors and obstetricians, may find that they must pay higher rates for medical malpractice coverage. The high insurance rates result from a high history of medical malpractice claims in those fields as well as an increased risk for mistakes or lasting damages.
Cost of Malpractice Insurance for Doctors by State
The cost of malpractice coverage varies state to state. A number of states do not require malpractice insurance, but within those states, entities like hospitals or other organizations may require their staff to have coverage.
The states with the highest average medical malpractice insurance premium costs are New York, Rhode Island, Pennsylvania, and New Jersey; conversely, North Dakota generally has the lowest insurance costs.
Why Choose World Insurance for Your Medical Malpractice Coverage
Finding the right insurance agency to provide you with a suitable policy can be a challenge. At World Insurance, we have more than 90 years of collective experience providing service to those in the medical and dental industries.
Our competitive rates, white-glove service, and specialty experience equip us to offer you a medical malpractice insurance policy that can protect you from liability costs and allow you to focus on caring for your patients.
How to Get Med Mal for Doctors from World Insurance
Getting medical malpractice coverage through World Insurance is simple. Follow the steps below to get started.
Complete the Contact Form
Fill out our short contact form to provide basic information that we can reference when preparing your free quote. One of our experienced agents will reach out to you shortly.
Recieve Your Free Quote From a Medical Malpractice Insurance Agent
Once you connect with one of our medical malpractice insurance agents, you will receive a free consultation followed by a quote. You can ask your agent any questions you have and determine what kind of coverage you need and want to obtain.
Choose a Policy and Pay
After discussing your options with your insurance agent, receiving your quotes, and deciding on a policy, you will be able to sign up for malpractice insurance, pay your premiums, and get coverage to ease your mind and keep you and your business protected.
Frequently Asked Questions About Medical Malpractice Insurance for Doctors
How much do doctors pay for malpractice insurance?
The amount that doctors will pay for their medical malpractice insurance will vary based on their location, their specialization, and more. Your insurance agent will be able to break down your quote and expected payments so that you fully understand what you are paying for.
Do you offer malpractice insurance for doctors in training?
If you are working with patients or training in a medical facility that requires medical malpractice insurance, we can work with you to obtain the coverage and protection you need. Reach out to us to discuss your situation and learn more.
Is malpractice insurance required for doctors?
In many states and medical facilities, medical malpractice is a requirement. Even when it is not mandated by law, medical malpractice insurance is an effective means of protecting yourself as a doctor in case accidents, mistakes, or errors occur. Because most medical professionals will face at least one medical malpractice claim in their lifetimes, medical malpractice coverage can provide peace of mind and security.
Is malpractice insurance a requirement for volunteer doctors?
For most volunteer doctors, malpractice insurance is not explicitly required. However, it is important to consider the specifics of your work as a volunteer doctor before dismissing the benefits of malpractice coverage. Contact us today to learn whether malpractice insurance is right for you.
Are there alternatives to malpractice insurance for doctors?
If you are concerned about the cost or practicality of malpractice insurance for doctors, you may be interested in checking out alternatives such as self insurance trusts or risk retention groups (RRGs). While these alternatives may provide some protection, traditional malpractice insurance will offer the most comprehensive coverage in the event of an incident or claim against your practice.
Does medical malpractice insurance cover telehealth?
The rise in popularity and ubiquity of telemedicine in recent years, making telehealth a common concern when it comes to insurance coverage. At World Insurance, we understand the importance of security when it comes to telemedicine, and we can provide you with relevant medical malpractice coverage, including for incidents of cyber attacks, data breaches, and information leaks.
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